A healthy real estate market in Fort Worth has attracted the attention of lots of investors. If you're one of those, it's worth thinking about how to capitalize on this opportunity. Take multi-family units, for example.
If you can master this real estate strategy, you could reap the rewards. Read on for our top tips for renting multi-family units in the Fort Worth real estate market.
Think About How to Construct Your Units
You'll need to conduct some research before dividing your property into different family units to tailor your rentals to the local market's needs.
Are Fort Worth residents seeking more one-bedroom properties, or are they looking for three- and four-bedroom units to accommodate large families? Getting this right will ensure you keep your occupancy rate high and improve your return on investment.
Plan Your Utilities Management
When setting up a multi-family unit, you'll need a utility approach that's easy to manage. It should:
- Keep billing simple
- Help you simplify maintenance and servicing
- Keep costs low
For example, some landlords prefer to include utility costs in the rent. It means you don't have to figure out the utility charges for each unit, saving you time and administrative overheads aside from rent collection.
Invest in Common Areas
You want your multi-family residences to be as desirable as possible to secure the best tenants. One of the advantages you have with multi-family units is that you also have control of the common areas.
Investing money here could net you better long-term returns. Focus on low-cost investments that improve the appearance of your properties, like communal landscaping and creating well-lit, open spaces inside.
Don't Forget About Your Tenant Policy
Transparent and comprehensive tenant policies are equally important with multi-family units. Plus, you'll need to ensure you add some of the extra rules that you have for multi-family properties, such as:
- Noise levels
- Use of communal spaces
- Pet policies
Enforcing these rules will also involve some work. Always ensure you have a good process in place for doing that.
Look At Your Tenant Acquisition Strategies
Tenant retention is crucial for any landlord and it's imperative for filling rental units in multi-family properties. Focus on strategies that will help you keep good tenants in your property longer. That might include:
- Offering a more flexible lease
- Investing in property upgrades
- Improving your communications with tenants
When tenants have a hassle-free rental experience, they're more likely to remain. Ask yourself what you can do differently to make their experience better.
Use Technology to Support Your Efforts
Multi-family units require extensive ongoing property management, including maintenance, rent collection, and communication with tenants. It's worth investing in an online tenant portal to keep all this information in one place, which will streamline your property management efforts.
Bookmark These Tips for Renting Multi-Family Units
Multi-family units can offer lots of promising financial returns. However, they need a slightly different approach than a standard rental property. Keep these tips for renting multi-family units handy when you start planning your next real estate investment.
Apex Asset Management is different from other multi-family property management teams because we are real estate owners, too. So, we know what it takes to make your investment work. Discover more about how we can help manage your Forth Worth properties.
